$100 Per Day ON Binance App 2024
In the fast-paced world of cryptocurrency, day trading has become an increasingly popular way to profit from the price volatility of digital assets. With the Binance app at your fingertips and the right strategies in place, you can aim to make $100 per day by trading Bitcoin (BTC), Binance Coin (BNB), and Ethereum (ETH). In this article, we’ll delve into the tools and techniques you can use to achieve this goal in 2024, with insights from Askanda, the Binance Feed Creator.
Understanding Binance Futures
Before diving into the specifics of day trading, it’s crucial to grasp the concept of Binance Futures. Binance Futures is a trading platform that allows users to trade cryptocurrency contracts with leverage. This means you can control a larger position than your initial investment, potentially magnifying your profits. However, it also comes with increased risk, so it’s essential to understand the dynamics of leverage and risk management.
Research and Analysis with CoinMarketCap
To succeed in day trading, you must be well-informed about the cryptocurrency market. CoinMarketCap is a valuable resource for tracking market data, including real-time prices, market capitalization, trading volume, and historical data. Here’s how you can use CoinMarketCap to your advantage:
a. Market Overview: Start by checking the market overview to get a sense of the overall sentiment. Look for trends and patterns in the price charts of Bitcoin, Binance Coin, and Ethereum.
b. News and Updates: Keep an eye on the latest news and developments in the cryptocurrency space. News can significantly impact prices, so staying informed is crucial.
c. Historical Data: Analyze the historical price charts to identify support and resistance levels. These levels can serve as reference points for your trading decisions.
d. Coin Metrics: Pay attention to fundamental metrics like trading volume, liquidity, and market capitalization. These metrics can help you assess the strength of a trend.
Technical Analysis with TradingView
Technical analysis is a key component of day trading. TradingView is a popular charting platform that offers advanced tools for technical analysis. Here are some steps to follow when using TradingView:
a. Chart Setup: Choose a time frame that suits your trading style, such as 15-minute or 1-hour charts. Add indicators like Moving Averages, Relative Strength Index (RSI), and MACD to your charts for technical analysis.
b. Trend Identification: Use chart patterns and technical indicators to identify trends. Look for opportunities to enter trades in the direction of the trend.
c. Support and Resistance: Use support and resistance levels identified from CoinMarketCap data to set entry and exit points for your trades.
d. Stop-Loss and Take-Profit: Always set stop-loss and take-profit orders to manage your risk. This is a crucial part of risk management in day trading.
Askanda's Insights
We reached out to Askanda, the Binance Feed Creator, for insights on achieving consistent daily profits. Askanda emphasizes the importance of discipline and patience in day trading:
“Day trading can be exhilarating, but it’s also challenging. To make $100 per day consistently, you must have a well-defined trading strategy and stick to it. Don’t chase quick gains, and always manage your risk. Start with a small capital and gradually increase it as you gain experience.”
Risk Management
Day trading can be highly volatile, and losses are part of the game. It’s essential to manage your risk effectively to protect your capital. Here are some risk management strategies to consider:
a. Position Sizing: Never risk more than a small percentage of your trading capital on a single trade. A common rule of thumb is to risk no more than 1-2% of your capital per trade.
b. Stop-loss orders: Always use stop-loss orders to limit potential losses. Determine a stop-loss level based on your analysis and stick to it.
c. Diversification: Don’t put all your capital into a single asset. Diversify your portfolio to spread risk.
d. Emotion Control: Emotions like greed and fear can lead to impulsive decisions. Stick to your trading plan and avoid emotional trading.
Conclusion
Day trading on the Binance app in 2024 is a promising way to make $100 per day, but it requires knowledge, discipline, and a well-defined strategy. Utilize resources like CoinMarketCap and TradingView to stay informed and conduct technical analysis. Always prioritize risk management to protect your capital. As Askanda, the Binance Feed Creator, advises, consistency and patience are key to long-term success in day trading. Remember that cryptocurrency markets are highly volatile, and there are no guarantees, so trade responsibly and only with what you can afford to lose.